Chinese private refineries expand in Middle East

Independent refining companies in China are benefiting from the drop in oil prices in the Middle East, as they have acquired large quantities of Saudi and Iraqi oil following increased shipments through the Strait of Hormuz. This occurred after a temporary peace agreement between Washington and Tehran and a temporary waiver of US sanctions on Iranian oil. Spot prices for oil sold by Aramco and Iraq were discounted by up to $5 per barrel compared to Brent contracts, encouraging independent refineries to take advantage of the lower prices compared to other sources.

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